Boscia to retire from Lincoln

In an unexpected move, Lincoln Financial Group announced on Friday that Jon A. Boscia, chairman and of the Philadelphia-based insurer, will retire on Sept. 1.
The company’s board has elected director J. Patrick Barrett as chairman, and current president and chief operating officer Dennis R. Glass as chief executive, to replace Mr. Boscia effective “immediately,” according to a company statement.
Mr. Boscia will remain with Lincoln to assist Messrs. Barrett and Glass until his retirement.
“My decision to retire comes at the right time for Lincoln Financial Group and for me,” said Mr. Boscia in a statement.
“With my complete confidence in Dennis and our management team to guide Lincoln Financial Group going forward, I concluded that a quick and complete transition is in the best interest of the company,” he said.
Lincoln will be reporting second-quarter earnings on July 31.
The company has reported no material change to its public guidance provided in connection with its first-quarter earnings release.